In recent months, a handful of Canadian wealth managers have run into problems with their proprietary funds dealing in private market investments.

Some of this is unavoidable. When liquidity dries up, investors redeem and everyone must scramble to facilitate clients’ need for cash.

But a large part of the problem is avoidable. The material conflicts of interest that arise when wealth managers own their own fund companies are too often ignored or poorly managed, undermining an industry built on integrity and fair dealing.

This remains one of the biggest blind spots in Canada’s regulatory landscape, writes Christopher Foster of Foster & Associates in this article for Canadian Family Offices. 

It was one of our most popular articles of the week.    

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PwC Canada’s Fred Cassano shares his insights

A few highlights from the real estate portion of the PwC report that Cassano mentions are:

Since mid-2024, family offices have reoriented their investment strategies toward real estate, which now constitutes 39 per cent of their portfolio allocations (which Cassano mentions). This strategic shift reflects a preference for more stable investment options over riskier ventures such as startups and private equity.

While family offices remain key investors in sectors like venture capital, debt financing and real estate, their participation in global M&A transactions is relatively modest, accounting for only 5 per cent of overall deal value between July 2024 and June 2025. This relatively small share of activity underlines their strategic shift toward more stable and secure investment alternatives.

This story is brought to you by PwC Canada.

Please join us on Oct. 30 for a discussion about how families can work together, incorporate heirs into leadership and best prepare everyone for succession. The event is part of our October special report on the next generation and succession. 

We’ll look at the most effective ways to ensure family longevity, to align philanthropic values with family goals and to maintain integrity along the way. Click below to register. 

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